Waste management firm’s shares drop following profit warning

Shares in Wetherby-based Augean have plunged more than 11% after the company issued a profit warning for this year and next.

The company’s share price is trading at 24p, down 11.93%, after the business blamed “continued weak trading performance” and the impact of an HMRC investigation for the profit warning this morning.

Augean also announced the resignation of its chief executive.

Stewart Davies resigned from his position as CEO with immediate effect, as the Wetherby company said the impact of an HMRC investigation on whether the company has paid sufficient land fill tax in relation to its treatment and disposal of hazardous waste and weaker trading is expected to lead to full year profit being below the level of 2016.

It also expects 2018 to be lower than previous expectations.